UK house prices rose for the tenth month in a row in May, despite problems facing the housing market due to rising inflation and borrowing costs. A survey conducted by the National Building Society showed that prices rose 0.9% in May compared to a 0.4% increase in April, and the average home price rose 11.2% year-over-year to 269 £914 thousand ($339,768). one thousand).
As reported by Bloomberg, Robert Gardner, Nationwide’s chief economist, said: “The housing market has maintained a striking momentum despite the pressure families are facing due to high inflation and rising borrowing costs. The UK housing market is expected to slow down for the rest of the year as high inflation squeezes household budgets, especially as persistently high Bank of England interest rates make mortgages less expensive. Nationwide warned that the factors that drove home prices up during the Covid-19 epidemic persist, explaining that the housing market’s recent streak is the longest in six years.
Source: El Iktisad
